Sec. 68 additions justified as lender co. gave huge amount of loan inspite of earning meagre income

IT : Where AO made addition to assessee's income in respect of loan availed, in view of fact that lender company did not have tangible or intangible fixed assets and, moreover, it had declared a meagre income of few thousand rupees and, thus, it was not in a position to give such a huge loan to assessee, impugned addition was to be confirmed

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